Egypt's Banque Misr said on Monday it took part in a syndicated loan facility worth 2.9 billion Egyptian pounds ($182.2 million) for Beshay Steel to help finance expansion projects. Akef El Maghraby, vice chairman of Banque Misr, the second largest state lender in Egypt, said the bank was a mandated lead arranger in a consortium of other five banks that secured the syndicated medium-term facility. Banque Misr was also the bookrunner, facility agent, and security agent of the facility, which is directed to finance Beshay Steel's lines to produce steel and direct reduced iron (DRI), El Maghraby added in a bank statement. The bank said its partners in arranging the loan were Banque du Caire, the National Bank of Egypt (NBE) as lead arrangers, bookrunners, and security agents. In addition, HSBC, the United Bank, and the Export Development Bank of Egypt (EDBE) acted as lead arrangers for the facility. Officials in Beshay Steel, Banque Misr, Banque du Caire, NBE, HSBC, the United Bank, and EDBE after signing the medium-term syndicated facility agreement.
